ANNAPOLIS, MD—Governor Larry Hogan today announced that Project Restore, the State of Maryland’s $25 million economic recovery initiative to revitalize vacant retail and commercial spaces across the state, is now accepting applications.
“Thanks to the hard work and the resilience of the people of Maryland and our small business community, our state has had one of the strongest economic recoveries in the nation, and Project Restore will help us build on that progress,” said Governor Hogan. “With applications now open, I encourage all eligible local businesses and developers to apply for these financial incentives right away.”
Applicants can apply on the Project Restore website now through Friday, Oct. 8 at 5:00 p.m. The application portal may close sooner if grant requests exceed the funding available, so applicants are encouraged to apply as soon as possible.
Project Restore is providing two grant opportunities for businesses planning on opening or expanding into previously vacant spaces:
- Rental Assistance Grant: The maximum grant request amount is $30,000 for rent for one year (rental payment up to $2,500 per month) for qualified small business with 50 or fewer employees (full time equivalents). The applicant’s monthly rent can exceed $2,500, but the maximum that will be paid by the Rental Assistance Grant will be $2,500 per month for one year.
- Business Operations Grant: The maximum grant award amount is $250,000 for one or two years for businesses that generate sales and use tax. Grant funds can be used for activities and costs related to sustaining and growing the business such as staff costs, capital improvements, marketing, inventory, supplies, and utilities cannot be used for executive salaries or bonuses. Grant awards will be paid quarterly and will be based on sales and use tax generated by and submitted to the state in 2022.